Direct Tax Collections for F.Y. 2022-23 up 35.46% corresponding period of last year

The Direct Tax collections up to 8th September 2022 show that gross collections are at Rs. 6.48 lakh crore, which is 35.46% higher than the gross collections for the corresponding period of last year.

The estimated amounts of Direct Tax collected through September 8, 2022, show a consistent rise.

The net amount collected in direct taxes for the current financial year, after refunds, is Rs. 5.29 lakh crore, which is up 30.17% from the net amount collected during the same period the previous year. The amount collected makes up 37.24% of the total budgeted direct tax estimates for the financial year. 2022-23.

From 1 April 2022 to 8 September 2022, refunds of Rs. 1.19 lakh crore were issued, which is 65.29% more than what was done during the same time period the year before.

Regarding the growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT), CIT’s growth rate in terms of gross revenue collections is 25.95%, while PIT’s growth rate (including STT) is 44.37%. When refunds are taken into account, the net growth in CIT collections is 32.73%, while the net growth in PIT collections (including STT) is 28.32%.